We’ve been talking about whether or not you had a 360-degree view of your brand and we identified that a brand is like a three-legged stool.
To review, the three legs are:
1. The company’s vision of the brand
2. The consumers’ vision of the brand
3. Where your brand sits in the marketplace
In last week’s post we explored the second leg of the stool – the consumer’s vision of the brand.
This week, let’s wrap up this series with a conversation about how to evaluate where your brand sits in the marketplace.
Unless you do business on Mars, odds are very good that you have competitors. Let’s make sure we’re talking about the same things by defining who your competitors might be.
When asked to list their competitors, most people list the other companies that sell the same product or services. That’s certainly part of the equation. But what about those companies who sell alternatives to your offerings?
Let me give you a concrete example.
When I say who is Coke’s competitor, most people would answer Pepsi. But what about sports drinks, juices or bottled water?
A third category of competitors is a decision to go in a completely different direction. Say buying coffee instead or not buying a drink at all.
So, the first step in understanding this leg of the stool is defining who your competitors are. Next, you need to determine what plot of land they’ve already claimed. Because you don’t want to be there too.
Think of it this way. If you were a settler in a new land and were promised two acres of land for your family homestead, would you begin to build your new home on a plot of land where someone else has already built their family home?
Of course not. The same is true for your brand. If one of your competitors already owns it, you need to find a different plot of land. Remember, a brand is the shorthand that the universe uses to differentiate you from your competitors. So why spend any effort, time or money trying to convince them that you’re just like someone else?
Not sure how to create a new or fresh plot of land? Joe Calloway’s book Becoming a Category of One is an excellent resource. Be mindful, as you work through this question, that this third leg of the stool needs to balance with the other two – how you see your brand and how your consumer’s see your brand.
Branding is a small business’ most powerful weapon. Be sure that your branding stool is well-balanced so you can climb on top of it to build your business.
Check out the earlier entries in this series:
Do you have a 360 degree view of your brand?
Your brand from your perspective
Your brand from your customer’s point of view
